Every business owner wants to grow from starting with merely an idea. But plenty of entrepreneurs want to stay small enough to avoid the headaches that arise from hiring and supervising employees. Continuing as a business of one necessitates an accounting system that measures your compliance with three main objectives.
Firstly, focus on a niche you can serve by yourself. Being selective about who you want as customers results in having a group that regularly buys from your business. You won’t spend time marketing if you have a few customers who value your business because you treat them like gold. It’s up to you to keep track of how much you value these customers. A system is needed to track the profitability of each customer by monitoring their buying patterns to assure they keep purchasing enough and at the right price.
Secondly, don’t create a huge range of products or services that overwhelm your time. Commit to what you know best. When you specialize in a few products or only one, your costs stay low. Stick to a few things at which you can present yourself as an expert.
The third element to solo entrepreneurship is being able to outsource everything for which a larger enterprise requires employees. Fortunately, freelance services are available for a range of operational matters. You may subcontract with specialists in your field who can fulfill the services you sell. If you sell products, shipping services will pick up orders at your location for delivery to customers. The right accounting system assures constant evaluation of who your customers are, what you sell to each of them, and your costs for each.